Uganda, Nov. 23 -- The final outcome of the Cop27 climate summit in the Egyptian resort of Sharm el-Sheikh seen with a global south eye delivered something of a marginal win.

The agreement to set up a loss and damage fund-while not an indication of a level of moral culpability from nations that became wealthy on the back of coughing up greenhouse gases-is a milestone for developing countries. Most-if not all-poor countries have been hard at it for several decades, trying to get what are reparations by any other name.

The pledge needs close and, dare we say, sceptical examination not least because the identity of countries that will shoulder the financial burden rests on a cornerstone of conjecture. The back and forth over whether nation...